Texas Rangers put up for auction
On July 5, 2010 The outgoing Texas Rangers ownership group decides to put the team up for auction, as it appears that they will be unable to satisfy creditors under the current plan to sell the team to a group headed by Chuck Greenbergand Nolan Ryan. The lenders, who stand to receive $75 million under the plan, have expressed their preference for a competitive bidding process as part of bankruptcy procedures for current owner Tom Hicks’s sports properties company, in the hope of receiving a larger settlement. The auction could take place as early as next week.
The Greenberg-Ryan offer for the team was valued at $502 million, which would become the minimum or ing bid that must be beaten by at least $20 million. Not part of the auction is a side deal for real estate near Rangers Ballpark in Arlington valued by the original deal at about $70 million.
In announcing its deal with Greenberg-Ryan on May 24, team owner Hicks Sports Group said it sought voluntary bankruptcy protection to break liens placed by lenders, who opposed the sale, calling it undervalued by tens of millions of dollars. Lenders also claimed that Jim Crane had been the highest bidder last winter, but that baseball commissioner Bud Selig forbade negotiations with the Houston businessman.
Greenberg released a statement Monday evening saying that his group has received all the money promised by its backers to secure the purchase. The group earlier identified two top investors as XTO Energy co-founder Bob Simpson of Fort Worth and Dallas billionaire Ray Davis. wanted everyone to know that our proposal is fully funded, that we are ready to close and that our number one objective is to get the team out of Chapter 11 as quickly as Greenberg said. we need is the Rangers getting their Chapter 11 plan confirmed and final approval from
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